Words of Wisdom - the Editor

Peace.
Got busy with a new project. So couldn’t add more news. Although I came across a fine article by a brother on the history and future of Islamic Banking. I was surprised to know that Islamic banking had beginnings in 1975. Wow. That’s almost as early as my birth. And I guess if there are enough like minded people any idea is bound to grow. I too used to wonder if I can invest without plunging into interest based transactions.

UK I noticed is taking some fine initiatives to promote Shariah Finance. Also came across a western brother or atleast who calls Muslims his brothers and sisters but laughs cynically at the DOW Islamic index as 'bending backwards' to accommodate those guys who have four wives and cut of peoples hands. O well some people just don't get it, do they?

Tuesday, February 3, 2009

Sharia'a-compliant private bank launched in the UK

Bank of London and The Middle East is launching a fully Sharia'a compliant private bank, as the latest bank to move into this sector.
BLME Private Banking will provide Islamic finance solutions to high net worth individuals and entrepreneurs in the UK, Europe and Middle East
Adrian Gayler will head the business; he joins from Merrill Lynch International Bank. He will report to Humphrey Percy, chief executive officer at BLME.
The new private banking offices will be based in Mayfair along with the already established wealth management team.
Humphrey Percy said: "Despite difficult financial market conditions we see this as an opportune time to launch a private banking business. High net worth individuals are increasingly concerned about preserving their wealth and will be looking for counsel and best-of-breed services and solutions, which BLME will offer to clients."
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